What is an HSA?
Health Savings Accounts (HSA) are a tax-advantaged medical savings account available to those who enroll in the High Deductible Health Plan. The funds you invest are not subject to most taxes. The growth of the invested amount is not taxed and when the funds are distributed, no tax penalties are incurred when applied to qualifying expenses. The funds you contribute to your HSA are yours to keep and can be used not only for medical expenses, but for retirement expenses as well.
You may only elect a Health Savings account or enroll in the FSA program. You cannot have both.
RESOURCES
Great Benefits For You
Convenience – Paying for expenses from your HSA is as easy as using a debit card.
Choice – Pay for qualified expenses from your HSA or save your HSA money and pay out-of-pocket.
Control – You decide how the money is spent and you have the freedom to keep it if you change jobs or retire.
Triple-Tax Savings
Tax-Free Deposits – Even if you don’t itemize deductions, you don’t pay federal income tax on contributions.
Tax-Free Savings – You keep any money you don’t spend and it grows tax-free. No use-it-or-lose-it.
Tax-Free Withdrawals – There’s never tax on withdraws to pay for qualified expenses.
- Acupuncture
- Alcoholism treatment
- Ambulance
- Artificial limbs
- Braces
- Childbirth preparation classes (mother)
- Chiropractors
- Contact lenses
- Crutches
- Dental fees
- Dentures
- Diagnostic fees
-
Doctor’s fees
-
Drug addiction recovery
-
Dyslexia language training
-
Eyeglasses and examination fees
-
Hearing aid and batteries
-
Home modifications for handicapped
-
Insulin
-
Laboratory fees
-
Maternity expenses
-
Nursing homes
-
Optometrists
-
Orthodontia
-
Orthopedic shoes
-
Oxygen/oxygen equipment
-
Prescription drugs
-
Psychiatric care
-
Therapy treatments (prescribed)
-
Transportation (for medical care)
-
Vision correction surgery (e.g., LASIK)
-
Vitamins (if prescribed)
-
Wheelchairs
-
X-rays
